An RNG is the algorithm running inside every licensed slot, video poker and virtual table game that generates the outcome of each spin or hand independently of every result that came before it.
A slot that hasn't hit its bonus round in 500 spins has exactly the same odds of triggering it on spin 501 as it did on spin 1, since the RNG generates each result independently with no memory of past spins.
Before a new slot goes live on a licensed operator, a lab like iTech Labs runs several million simulated spins against its RNG to confirm the long-run payout lines up with the game's published 96% RTP.
RTP is the percentage of total money wagered on a casino game that the game pays back to players over the long run, worked out across millions of simulated spins rather than any single session.
Volatility, also called variance, describes how a slot pays out over time: low-volatility games return smaller wins often, while high-volatility games pay rarely but for much bigger amounts.